A Study On The Relationship Between Inquiry Letter Regulation,Financing Constraints And Capital Structure

Under the trend of global economic integration,market competition is becoming more and more fierce,and companies are in the stage of continuous progress,and the necessary materials become very precious.Optimizing capital mix is the key problem to be solved in raising funds for each company,and only by ensuring reasonable capital structure can enterprise resources be utilized to the maximum extent.China’s immature and imperfect market environment has increased the difficulty of enterprise financing.Some studies have found that information asymmetry will increase the financing constraints of enterprises;As the degree of information asymmetry increases,the external financing situation will become difficult,the financing availability will decrease,and the financing cost will increase.At this time,the stock exchange,as a front-line regulatory department,supervises and supervises the authenticity and validity of the financial statements of listed companies through inquiry letters to reduce the false problems disclosed by enterprises and make the company under the sun.Therefore,the supervision of inquiry letter can increase the transparency of enterprises to a certain extent,reduce the non-correspondence of information,release the restraint of fund-raising,and further change the capital structure of the company.However,it remains to be proved whether the letter of inquiry regulation really plays a role in alleviating financing constraints.This paper,puts managers,regulators and investors,in the same research framework to explore the influence mechanism of financing constraints and inquiry letter regulation on enterprise capital structure,and the moderating effect of financing constraints.This paper uses the data of A-share listed companies from 2010 to 2020 to empirically test the proposed research hypothesis.The results show that:inquiry letter regulation and financing constraints will have A positive effect on the capital structure of enterprises respectively;Financing constraint has a moderating effect on the relationship between inquiry letter regulation and capital structure,that is,high financing constraint will inhibit the promotion effect of inquiry letter regulation on capital structure.In this paper,the reliability of the research conclusion was verified by using the methods of substitution variable test,lag variable test and sample grouping test.Furthermore,by analyzing the heterogeneity of property rights,internal control quality and information transparency of enterprises,it is found that when state-owned enterprises,enterprises with good internal control quality and high information transparency,inquiry letter supervision and financing constraints have stronger promoting effect on capital structure.Regulation,financing constraints,this article will inquiry letter and capital structure in the same framework analysis,from the "reputation mechanism" and "risk mechanism" path respectively analyzes the inquiry letter of supervision to the enterprise capital structure and financing constraint mechanism,the influence of capital structure influencing factor of enriched the related research results,as well as the related research achievements of economic consequences for inquiry letter,It can provide a theoretical basis for the regulatory authorities to formulate scientific and effective regulatory measures.